The increasing penetration of the global dock and yard management systems market has wooed several regional and global companies to expand their footprint worldwide. Besides this, the key market players are focusing on product differentiation and adding innovative edge to their products and technologies to upgrade their service portfolio.
Through these strategies, various companies are aiming at establishing a stronger foothold in the global market. Other than this, the market is witnessing a fair share of partnerships, mergers, and acquisitions all conducted in an attempt to emerge at the fore, finds Transparency Market Research (TMR) in a new study. Also, Manhattan Associates, 4sight Solution, Descartes Systems Group Inc., C3 Solutions, Kelley Entrematic, Softeon, Zebra, Oracle Corporation, Royal 4 Systems, and Epicor Software Corp are identified as some of the leading companies operating in the global dock and yard management systems market.
According to TMR, the global dock and yard management systems market is likely to report a CAGR of 13.9% between 2017 and 2025. By the end of 2025, the market is forecast to reach US$7,612.0 mn, as compared to US$2,377.0 mn in 2016. Regionally, North America dominated the global dock and yard management systems market, gaining from the proliferation of cloud-computing technologies in the region. However, over the next couple of years, Asia Pacific is likely to be the fastest growing region. Among the key application segments, the market witnesses strong demand from the manufacturing sector. However, it was the transport and logistics sector that held the dominant share of 25% in 2016.
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Rising Demand for Time and Cost Saving Solutions to Boost Growth
The rising demand for cost and time saving solutions is the key reason behind growth witnessed in the global dock and yard management market. Over the last few years, technological advancements have steered the adoption of dock and yard management systems as they ensure accuracy in inventory and distribution centers and warehouses, in turn eliminating extra costs incurred in the processes.
According to TMR, warehouse management systems (WMS) and transportation management systems (TMS) fuels labor utilization significantly, they increase floor space utilization by a minimum 10%, and improves shipping accuracy by 99%, hence saving cost and time alike. Furthermore, the market is likely to gain from globalization and the rising demand for TMS and WMS solutions. It will also gain from the growth witnessed in the e-commerce industry, which demands diligent and prompt delivery of goods ordered online.
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Budgetary Constraints Could Create Hindrances
On the downside, lack of awareness about cloud-based solutions and involvement of high initial costs are key challenges that the market is witnessing. Owing to budgetary constraints and ROI concerns, the growth witnessed by the global dock and yard management systems market is compromised with to an extent. The market may also face hindrances due to lack of capabilities in scalability and system integration.
Though recent technological advancements and the swiftly catching trend of bring your own device is expected to create lucrative prospects for the market’s growth in the coming years. Also implementation of cloud-based solutions facilitates management of services such as reverse logistics, inbound execution, to-store management, outbound execution, cross docking, and value added services providing efficient warehouse, transportation, and inventory management. As businesses realize these benefits, they are more likely to shift install dock and yard management systems.